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Note 8 - Common Stock
 9 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
8.     Common Stock
 
Increase in Authorized Shares of Common Stock
 
At our annual meeting of stockholders held on May 12, 2015, our stockholders approved an amendment to our certificate of incorporation to increase our authorized shares of common stock from 75,000,000 shares to 150,000,000 shares. The amendment to our certificate of incorporation was filed with the Delaware Secretary of State on May 13, 2015.
 
Common Stock Transactions
 
During the nine-month period ended September 30, 2015, there were no transactions involving our Common Stock.
 
 
Stock Options
 
We maintain a stock option plan that provides the Board of Directors broad discretion in creating equity incentives for employees, officers, directors and consultants.
The following table presents a summary of stock option transactions during the nine-month period ended September 30, 2015:
 
   
Number of Shares
    
Weighted Average
Exercise Price
  
Outstanding at December 31, 2014
     1,183,100     $ 3.50  
Granted
     41,400       0.15  
Exercised
     --       --  
Forfeited or expired
     (68,000 )     1.50  
Outstanding at September 30, 2015
     1,156,500     $ 3.50  
Exercisable at September 30, 2015
     720,094     $ 5.42  
 
Stock Purchase Warrants
 
The following table presents a summary of stock purchase warrant transactions during the nine-month period ended September 30, 2015:
 
   
Number of Shares
    
Weighted Average
Exercise Price
  
Outstanding at December 31, 2014
     5,108,826     $ 0.66  
Issued – Series D Warrants (1)
     16,666,666       0.17  
Issued – Series E Warrants (1)
     16,666,666       0.14  
Issued – Series F Warrants (1)     16,666,666       0.17  
Issued – Placement Agent Warrants (1)
      1,333,333       0.17  
Outstanding at September 30, 2015
     56,442,157     $ 0.20  
Exercisable at September 30, 2015
     39,775,491     $ 0.21  
 
(1)
See discussion under “Series C Convertible Preferred Stock” in Note 7
.
 
Stock-Based Compensation Expense
 
During the three-month and nine-month periods ended September 30, 2015 and 2014, we recorded stock-based compensation expense as follows:
 
   
Three Months Ended September 30,
    
Nine Months Ended September 30,
  
   
2015
    
2014
    
2015
    
2014
  
Stock Option Expense
   $ 16,926     $ 24,573     $ 50,516     $ 75,927  
Common Stock Issued for Services
     -       -       -       50,000  
Warrant Modification Expense
     -       -       -       39,711  
Total Stock-Based Compensation Expense
   $ 16,926     $ 24,573     $ 50,516     $ 165,638  
 
Stock-based compensation expense related to stock options is recognized on a straight-line basis over the requisite service period for the award and is allocated to research and development expense or general and administrative expense based upon the related employee classification. As of September 30, 2015, there was $64,330 of unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted average period of 1.5 years.
 
Common Stock Reserved
 
A summary of our common stock reserved for future issuance is as follows as of September 30, 2015:
 
Series B Convertible Preferred Stock
 
 
285,714
 
Series C Convertible Preferred Stock
 
 
21,126,760
 
Common Stock Purchase Warrants
 
 
56,442,157
 
Equity Incentive Plans
 
 
1,197,529
 
Total
 
 
79,052,160